CIIC

🔥 July in Focus — #CIIC_digest July was a busy month — we have gathered some of its most interesting political and economic developments in one digest. 🇮🇷 Middle East Escalation Increases Pressure on Global Energy Markets Renewed hostilities between the United States and Iran intensified concerns over energy supplies and maritime transport in the Middle East. Oil prices briefly rose above $100 per barrel in July and remained more than 20% higher than before the conflict began. Although temporary pauses in military operations helped ease prices, the situation continued to create risks for international trade, inflation and global supply chains. 🇺🇸 United States Introduces New Tariffs on 60 Trading Partners The US administration imposed new tariffs of 10% or 12.5% on imports from 60 countries, citing insufficient enforcement of restrictions on goods produced using forced labour. The measures replaced part of the temporary tariff system introduced earlier and marked another step towards the reconstruction of a more permanent US tariff policy. The decision increased uncertainty for international businesses and raised concerns about higher costs and possible retaliatory measures. 🇬🇧 Andy Burnham Becomes the United Kingdom’s New Prime Minister Andy Burnham took office as Prime Minister on July 20 following a change in the leadership of the Labour Party and the departure of Keir Starmer. During his first week in office, Burnham announced several measures aimed at reducing the cost-of-living burden, including changes to energy taxation, limits on bus fares and tax relief for pubs and restaurants. His appointment also helped Labour improve its position in national opinion polls. 🇹🇷 NATO Summit in Ankara Focuses on Defence Production and Investment NATO leaders met in Ankara on July 7–8 to discuss defence investment, military production and the distribution of responsibilities within the Alliance. The participants announced more than €50 billion in new procurement agreements and launched a five-year initiative worth $40 billion to develop systems for countering unmanned technologies. European members and Canada also reaffirmed their intention to assume greater responsibility for collective security. 🇨🇳 China’s Factory Activity Contracts as Domestic Demand Weakens China’s official manufacturing purchasing managers’ index fell from 50.3 in June to 49.2 in July, dropping below the level that separates growth from contraction. The decline reflected weaker new orders, subdued domestic demand and growing pressure on the world’s second-largest economy. Chinese authorities acknowledged the economic challenges and indicated that additional fiscal and policy support could be introduced. 🌍 IMF Warns That Global Economic Growth Remains Uneven In its July update, the International Monetary Fund projected global economic growth of 3.0% in 2026 and 3.4% in 2027. According to the IMF, conflicts and higher energy costs are placing additional pressure on vulnerable and energy-importing economies. At the same time, investment and demand associated with artificial intelligence continue to support countries integrated into global technology supply chains. 💬 What would you add to this list?